Historians typically say that Shays's Rebellion was extremely significant. Its importance comes from the fact that it helped lead to the creation of the Constitution.
Shays's Rebellion was seen by many of the American elite of the time as a sign that the country was too democratic. They felt that the rebellion showed that the non-rich were too demanding and were trying to force the state governments to create policies that were damaging to the country as a whole. Because of this, many of the elites wanted to create a new constitution that would set up a much stronger federal government while taking power away from the states. This is, of course, what happened later in the very same year that Shays's Rebellion occurred.